Economy

Hudco shares make stellar debut

Debuting on Friday, HUDCO closed the trading session with nearly 21 per cent gain over the issue price of Rs 60.

Housing and Urban Development Corporation (HUDCO) has debuted on exchange at a premium of 21.5 percent at Rs 73.55/share.

The government-run firm's share opened at Rs73.45 and touched a high and a low of Rs76.70 and Rs70.55, respectively.

The performance of the issue followed the stellar subscription of the Initial Public Offering (IPO), which was nearly about 80 times.

Shares in the housing and urban infrastructure projects lender were trading 26.7 percent higher at 76 rupees by 0433 GMT, compared with the IPO issue price of 60 rupees.

The hoopla of the investors is dampened by the unexpected slip of HUDCO in the red zone after the listing.

"HUDCO IPO witnessed a blockbuster response from participation from top quality global and domestic institutional investors and also received applications from over 2 million retail investors", said Ajay Saraf, Executive Director, ICICI Securities Ltd, a lead manager of the issue. The Qualified Institutional Buyers portion was subscribed more than 55 times with about 38 per cent demand from foreign institutional investors (FIIs).

Hudco had reported a net profit of Rs 496 crore on net interest income (NII) of Rs 1,104 crore for the first nine months of last fiscal. The HUDCO issue size consisted of Rs 1224.35 cr with the face value of the share at Rs 10 per share and the upper band price is Rs 60 per share.

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